MCQ Bank
Which of the following is not included in the category of general Insurance?
- A) Marine Insurance
- B) Life Insurance
- C) Liability Insurance
- D) Health Insurance
In Home financing, Islamic bank sell its share to the client on:
- A) Pre-agreed price
- B) Historical Price
- C) Cost plus profit basis
- D) Market price
In Mudaraba contract, a person who invests the amount is known as:
- A) Mudarib
- B) Rab ul Maal
- C) Raas ul Maal
- D) Qarid
The remuneration paid to the manager appointed by the partners in a partnership is treated as:
- A) Charity
- B) Drawings
- C) Profit share
- D) Expense
The event of Financial Credit crises in US happened in the year:
- A) 2004
- B) 2001
- C) 2008
- D) 1995
The goods or assets purchased in Musharakah contract are owned by:
- A) Working partner
- B) The partner who have contributed more capital
- C) The sleeping partner
- D) All partners jointly
Term Maqarada or Qirad is derived from Qard, which means to:
- A) Cut off
- B) Turn off
- C) Lay off
- D) Pay off
Conventional banks purchase Treasure bills and interest based bonds to:
- A) Manage risk
- B) Manage profits
- C) Manage liquidity
- D) Manage leverage
Which of the following statement shows the presence of Gharar in an Insurance contract?
- A) Premium is uncertain
- B) Compensation for the loss is uncertain
- C) Maturity of contract is uncertain
- D) None of the given
The events that can influence the achievement of a firm’s objective are known as:
- A) Risk
- B) Reward
- C) Loss
- D) Failure
A card issued against the available funds in a customer’s account is known as:
- A) Supplementary Card
- B) Charge Card
- C) Debit Card
- D) Credit Card
In Musharakah, loss must be shared by:
- A) Partners equally irrespective of their investment
- B) Partners according to the ratio of their investment
- C) Directors according to their role in Musharakah
- D) Managers according to their role in management
Identify the situation(s) where the existing partnership is dissolved
- A) All of the given options
- B) Death of any partner
- C) When the whole capital is lost
- D) When the purpose of partnership is achieved
A risk arising from adverse movements in interest rates and commodity prices is known as:
- A) Legal Risk
- B) Liquidity Risk
- C) Credit Risk
- D) Market Risk
Which of the following is least used mode of financing by Islamic banks of Pakistan?
- A) Diminishing Musharakah
- B) Istisna
- C) Musharakah
- D) Murabaha
The difference between the amount of premium and compensation is referred as:
- A) Hiba
- B) Gharar
- C) Kimar
- D) Riba Al Fadl
Which of the following is the second most used mode of finance by Islamic banks of Pakistan?
- A) Ijarah
- B) Diminishing Musharakah
- C) Murabaha
- D) Musharakah
How many members are included in SBP’s central Sharia’h board?
- A) Three members
- B) Six members
- C) Two members
- D) Five members
Which of the following statement shows the presence of Maysir in an Insurance contract?
- A) None of the given
- B) Maturity of contract is uncertain
- C) Compensation is dependent on a certain event
- D) Premium is predefined
The State Bank of Pakistan provides an Islamic export refinance scheme (IERS) on the basis of:
- A) Musharakah
- B) Istisna
- C) Salam
- D) Ijarah